Third party claims are adjudicated by the constituted tribunals.
The Finance Ministry is considering to make it mandatory for all private general insurance companies to provide third party motor insurance, which is presently optional for them.
'The slowdown in motor insurance premium growth is due to slower growth in vehicle sales. Also, there has been minimal hike in third-party rates in the past three years which is affecting the growth rate of third-party premiums.'
Indian insurance companies are bracing for reduced profitability in Q4FY26, primarily due to the rationalisation of GST on retail life and health policies, leading to a loss of input tax credit, coupled with volatility in equity markets impacting investment income.
The Motor Accident Claims Tribunal (MACT) in Thane has awarded a compensation of 31.65 lakh to the family of a vegetable vendor who died in a road accident in 2017.
The premiums for third-party motor insurance may rise by 50-80 per cent this year.
Advait Rao Palepu reports how a recent Supreme Court order will impact motor vehicles insurance policies.
In the June quarter, growth in the segment stood at around 4 per cent, with premium collection at Rs 15,724 crore against Rs 15,074 crore in the same period of FY19. This was the lowest growth in the last five quarters, starting from Q1FY19.
Covering your own damage, especially if the vehicle is old, is very important
Do not get repair work started without informing the insurer as the latter like to carry out end-to-end verification of damages and documents before approving a claim.
Insurance of vehicle, including cars and bikes, will become costlier from April 1 as insurance regulator Irdai has decided to increase premiums by up to 40 per cent from the next fiscal.
'We hope we will be able to at least end crashes that involve collisions with stationary vehicles as there will be an automatic warning.'
The Insurance Regulatory and Development Authority on Wednesday announced that it would lift pricing controls on motor insurance, along with other lines of business currently under tariff, with effect from January 1, 2007.
'The retail industry is still growing in double digits.'
Neeraj Prakash, MD, Shriram General Insurance, explains how new measures proposed in the Motor Vehicles Act can smoothen the lives of the insured and insurer and how the government plans to make more vehicles owners buy insurance.
Payments can be made till April 21; for motor the relaxation is only for third-party insurance.
Here's how to get more out of the premium you pay
It is essential to have a comprehensive motor policy, and not just a third-party cover, as the latter does not protect your own vehicle.
Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company Limited, talks about the many benefits of buying one
Mukesh Kumar, Executive Director HDFC ERGO General Insurance Company, tells you how you can benefit by doing so
The regulator has made it mandatory for insurers to have a minimum percentage of motor third-party business underwritten.
'The PAYD model adjusts the premium based on your driving habits. If you drive less, you pay less.'
Irdai has proposed to increase the Motor Third Party premium rates for cars below 1000 cc to Rs 2,120 from the existing Rs 1,850 for the fiscal 2019-20.
Health premiums have picked up again after a slight moderation in growth, taking the non-life insurance industry's growth to 22 per cent in November, and to almost 17 per cent so far this financial year. Health premiums grew by 22.54 per cent in the April-November period, driven largely by group health plans, which have seen good growth due to rationalisation of discounts in premiums caused by adverse claim ratios in prior periods, medical inflation, and enhanced coverage. Health premiums grew by 29 per cent in the same period last year.
Use no-claim bonus, online discounts or negotiate hard to get it reduced.
ICICI Lombard General Insurance Company reported financial improvement and optimistic commentary in Q4FY24. It reported 17 per cent year-on-year (YoY) growth in Gross Written Premium (GWP) and 115 bps improvement in the Combined Ratio (COR) in FY24, and improved COR guidance with COR going from 104.5 per cent in FY23 to 103.3 per cent in FY24, 102.4 per cent in FY25 and 102.0 per cent in FY26.
Here's all you want to know about insuring your priced possession!
Expect premiums to go up or introduction of a co-pay option for third-party damage
Insurance Regulatory and Development Authority expects decline in premium rates of fire, engineering and motor own damage covers once insurers are given the freedom to price these businesses from 2007.
If the court order is implemented, it will lead to an increase in the insurance outgo for car owners by a minimum Rs 50,000 for car and a minimum of Rs 7,000 for two-wheeler owners.
Any unexpected expense can disturb the finely-balanced budget of middle-class individual. That's when a motor insurance policy comes as a saviour
Anik Jain, founder and CEO at Symbo, will answer your questions on insurance -- life, health, motor, travel, etc -- on a weekly basis.
The National Commission ruled that the insurance policy is deemed to be automatically transferred to the purchaser when the vehicle is registered in their name.
Compared to a third party insurance buying comprehensive insurance makes more sense, says Neeraj Gupta
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH insurance and AUTO insurance.
The proposal for listing public general insurers had come up in 2007.
'There is more expansion in the industry happening in retail lines, so we will continue to focus on those lines.'
Experts suggest that it's best to go for the bundled product that has only one-year own damage cover.
Few insurance companies have launched new motor insurance policies which cover even depreciation and loss of driving license.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
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